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Integrated Social Studies Unit 2 Exam, Part 2
Test Description: Economics Part 2
Instructions: Answer all questions to get your test result.
1) Scarcity of resources forces people to do what?
A
Fight over resources
B
Starve
C
Bargain over natural resources
D
Prioritize their wants and be selective in what they purchase.
2) Goods and services are produced in better quality, quantity, and speed when they focus on producing few items is what?
A
Interdependence
B
Macroeconomics
C
Specialization
D
Microeconomics
3) What is an example of interdependence?
A
When Apple releases their newest iPhone.
B
When the United States depends on South America for sugar cane and cocoa beans.
C
When China sells goods at a cheap price to the world.
D
When Apple and Samsung reach an agreement on monopolies.
4) Why do countries trade?
A
To get goods at a cheaper price.
B
Because they want things that they do not have.
C
When on their own, they do not have the resources, or capacity to satisfy their own needs and wants.
D
To make a profit.
5) All of the following are advantages of trade EXCEPT:
A
Trade increases competition and lowers prices.
B
Increases employment.
C
Trades technology from different countries.
D
Over-specialization
6) All of the following are disadvantages of trade EXCEPT:
A
Certain industries do not get a chance to develop due to competition from foreign companies
B
Breaking down of monopolies
C
Local businesses can suffer due to cheap goods from foreign companies making the same products but cheaper
D
Over-specialization
7) What are two determinants of price?
A
Manufacturer’s Suggested Retail Price and Store Policy
B
Supply and Demand
C
Opportunity and Cost
D
Supply and Wait list
8) Identify the definition of demand.
A
The total amount of a good or service available for purchase.
B
The price of a product usually pushed towards the level of which the quantity supplied.
C
The willingness and ability of the people within a market area to purchase particular amounts of goods.
D
The cost of whatever one is giving up.
9) Which of the following is NOT an example of how property creates incentives?
A
Private ownership encourages people to make the most productive use of their property.
B
Private ownership encourages people to make the most productive use of their property.
C
Private ownership encourages people to take care of their property.
D
Private ownership discourages drug use.
10) Identify which of the following is a United States programs that helps redistribute income.
A
Unemployment assistance
B
Teacher’s Retirement Fund
C
Social security
D
Food stamps
11) What was created during the Great Depression that was intended to help workers?
A
New Deal
B
Stimulus Package
C
Social Security
D
Committee on Depression Support
12) What happens when property rights are not clearly defined?
A
It becomes a common resource and is able to provide for all.
B
No one fights over property.
C
Easily overused and can be destroyed
D
Everyone shares it equally.
13) Identify the difference between being an inventor and an entrepreneur.
A
An inventor creates the product, but an entrepreneur is able to market it and sell it.
B
An inventor designs products, and an entrepreneur creates it.
C
An entrepreneur invents the product, and an inventor sells the product.
D
An inventor invents products, and an entrepreneur uses it.
14) Which of the following is the definition of entrepreneurial opportunity?
A
A specific innovative way to satisfy a want, overcome a problem, or meet a challenge
B
A study of how to use money to create opportunities.
C
A want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative
D
A way to invest money and become successful
15) In the documentary on Steve Jobs, which company or invention did he NOT work on or with?
A
Apple
B
Pixar
C
Netflix
D
Next
16) Identify an example of a short-term goal.
A
Graduating high school
B
Getting married
C
Getting a car
D
Passing this test
17) What does it mean to be financially responsible?
A
To use your money on wants and no needs
B
To get out of debt.
C
To use your money on needs and no wants
D
To use money wisely in an effort to create a sustainable lifestyle.
18) Why is it important to create and live on a budget?
A
So you don’t go bankrupt
B
So you know what you want to do with your life.
C
Allows you to become financially responsible
D
Because when you turn 18, you have to.
19) Haleigh plans on adopting a baby from Uganda after she becomes a doctor. What type of goal is this?
A
Medium term
B
Bucket list
C
Short term
D
Long Term
20) Why is it important to have good credit?
A
To get a house or a car.
B
So you can be successful
C
Because if you have bad credit you go to jail.
D
To be able to spend more money on credit cards
*select an answer for all questions
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